Jio Financial Valued At Rs 261.9 Apiece, Reliance Lists At Rs 2,617 After Special Session

Shares of Reliance Industries Ltd. were listed at Rs 2,617 apiece after the special pre-open session conducted to determine its share price after carving out Jio Financial Services Ltd. as a separate listed entity.

The listing price of Reliance Industries was at a 3.5% discount to the apportionment cost of acquisition for RIL, which was set at Rs 2,708.85 per share.

Jio Financial Services Ltd.'s indicative price of Rs 261.85 per share was higher than the apportionment cost of Rs 133 per share that Reliance Industries Ltd. set to purchase the shares of Reliance Strategic Investment Ltd.

Reliance Industries Ltd.'s special pre-open session is being conducted to determine its share price after Jio Financial Services Ltd. is carved out into a separate listed entity.

The National Company Law Tribunal had approved the planned demerger of Jio Financial Services Ltd. from the parent RIL, according to the July 8 BSE filing. Every investor will get a share of Jio Financial for each one held in the parent.